Business
Amneal Reports First Quarter 2020 Financial Results
‒ Q1 2020 Net Revenue of $ 499 million; GAAP Net Income of $115 million; Diluted Earnings per Share of $0.78 ‒ ‒ Q1 2020 Adjusted Net Income (1) of $60
About this update from Amneal Pharmaceuticals, Inc.
[{"type":"text","content":"\n‒ Q1 2020 Net Revenue of $ 499 million; GAAP Net Income of $115 million; Diluted Earnings per Share of $0.78 ‒\n\n\n‒ Q1 2020 Adjusted Net Income (1) of $60 million; Adjusted EBITDA (1) of $134 million; Adjusted Diluted EPS (1) of $0.20 ‒\n\n\n‒ Maintaining 2020 Full Year Financial Outlook ‒\n\n BRIDGEWATER, N.J.--(BUSINESS WIRE)--\nAmneal Pharmaceuticals, Inc. (NYSE: AMRX) (the “Company”) announced its results today for the first quarter ended March 31, 2020.\n\n\n“We are proud of how Amneal has responded to the ongoing COVID-19 pandemic,” said Chirag and Chintu Patel, Co-Chief Executive Officers. “We mobilized quickly to ensure the health of our teams and the continued supply of medicines to patients. Our solid operational and financial performance in the first quarter reflects the strength of our differentiated platform, significant U.S. manufacturing capabilities and diverse supply chain. Building on our recent momentum, we continue to revitalize our generics business, grow our specialty franchise and strategically diversify the business. While we expect some headwinds due to social distancing and patients postponing non-essential physician visits and procedures, we are confident in our full-year 2020 guidance and in Amneal’s ability to drive long-term growth, profitability and value for our stakeholders in 2020 and beyond.”\n\n\nNet revenue in the first quarter of 2020 was $499 million, an increase of 12% compared to $446 million in the first quarter of 2019, primarily due to the acquisition of 65% of AvKARE and its related entities, R&S, recently launched generic products, and growth of our Specialty segment. Net income attributable to Amneal Pharmaceuticals, Inc. of $115 million in the first quarter compared to a net loss of $48 million in prior year period, primarily due to a discrete tax benefit of $110 million from net operating loss carrybacks offsetting previously paid taxes related to the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), lower intangible asset impairment charges, and net revenue growth. Diluted EPS in the first quarter was $0.78 compared to a loss of $0.37 in the prior year period.\n\n\nAdjusted EBITDA(1) in the first quarter of 2020 was $134 million, an increase of 20% compared to the prior year period, primarily due to net revenue growth and lower operating expenses. Adjusted ...